NEW DELHI: The 42nd meeting of the federal tax body, the Goods and Services Tax Council (GST), is underway via videoconference, primarily to discuss how to fill the deficit in state tax revenue. Mint takes a look at the key issues on the table. What is Monday’s Council meeting about? …
Read More »
NEW DELHI: Today’s GST Council meeting promises to be a stormy affair with the center and opposition-ruled states not only divided on compensation for a “shortfall” in collections, but also on the question of an authority dispute resolution driven by opposition-ruled states. Punjab first echoed the lawsuit shortly after the …
Read More »
NEW DELHI : Monday’s GST Council meeting may turn into a stormy affair as states not governed by the BJP are still at odds with the Center on the issue of compensation. While 21 states, mostly governed by the BJP or parties that have supported it on issues, had opted …
Read More »
NEW DELHI: Ministry of Finance sources have refuted the Comptroller and Auditor General’s (CAG) audit finding that the central government wrongly withheld Rs 47,272 crore of GST compensation cease intended for states, to say that temporary retention cannot be classified as a deviation. Days after the CAG indicated that the …
Read More »
GST compensation to states this year has been affected by the Covid pandemic (Representational) New Delhi: The Finance Ministry has dismissed allegations of a “diversion” of Rs 47,271 crore from the GST Compensation Fund, a non-cancellable fund to which the GST payment is transferred and from which compensation is paid …
Read More »
According to the CAG audit, the Union government collected Rs 95,081 crore as GST compensation assignment in 2018-19, but only transferred Rs 54,275 crore to the GST compensation fund. The Union government violated the GST Compensation Cessation Act, 2017, by wrongly withholding Rs 47,272 crore in the Consolidated Fund of …
Read More »
In his audit report of government accounts, the Comptroller and Auditor General (CAG) noted that the amount would be credited to the non-cancellable GST Compensation Cess fundraising fund for payment to the states for loss of income due to implementation of GST since 2017, but the government did not do …
Read More »
NEW DELHI: The CAG discovered that the Union government in the first two years of the GST implementation erroneously withheld Rs 47,272 crore of GST compensation cease It was specifically intended to be used to compensate the states for lost income. In his audit report on the government accounts, the …
Read More »
Out of the 22 but one, all the states have chosen to borrow only to the extent of their revenue shortfall from the implementation of the GST. However, Mizoram chose to borrow the entire shortfall from GST this year, including lost revenue due to COVID-19, said a government official, seeking …
Read More »
GST: States have been asking the center to pay their taxes on goods and services New Delhi: Twenty-one states have given their borrowing option proposed by the goods and services tax council to cover the deficit in the center’s compensation amid the coronavirus pandemic, sources said. These 21 states opted …
Read More »